$IDR

The nice thing about smaller underground mines is they use a lot less diesel fuel than massive open pit mines. We estimate diesel/oil is 2-4% of annual OpEx for mining companies like $IDR and $GG.V at $65 oil so a small impact even with oil doubling to $120. The average price of gold was $3500 for 2025. The current price of gold is $4600 which makes it even more negligible.